Not every landlord becomes one intentionally.
There are many reasons why homeowners turn into accidental landlords. It could be that you've inherited a property you can't sell or you may be clinging to your low interest rates and keeping a second home instead of selling it.
Whatever the reason, you're a landlord now and need to know how to proceed. In today's post, we'll give you some accidental landlord tips for running your rental property and navigating the Charlotte rental market.
There's no reason you can't turn this tricky situation into a fruitful one. Keep reading and enjoy these property management tips.
Take Marketing Seriously
You can make running a rental property a lot easier by keeping great tenants in your units. It's when you've got rental vacancies that stress starts to accumulate and you'll start losing money.
To ensure you quickly fill your vacancies, you must take rental marketing seriously. Start by creating a thorough rental listing that accurately describes the property and local area enticingly. Complete the listing with plenty of detailed real estate photos, which are essential for attracting applicants.
If need be, you can reach even more applicants by investing in digital marketing. Things like SEO and paid ads can put more eyes on your listing and give you more potential tenants to choose from.
Screen Your Tenants
The only thing worse than rental vacancies are poor tenants. Casting a wide net for potential tenants is crucial, but you need to thoroughly screen them to find the perfect one for your rental.
This involves looking into each person's criminal and financial background, which will tell you more about their character and ability to pay rent each month. The two most common reasons for eviction are failure to pay rent and lease violations, so these bits of information can single out the best candidates.
Use a Tenant Portal
Once you've got a great tenant in your rental, it's your job to keep them happy. One of the easiest ways to stay on top of your landlord duties is to integrate a tenant portal. This allows your tenants to get hold of you, pay rent, and make maintenance requests in one place.
Preventative Maintenance
Maintenance is an essential part of being a landlord. Rental properties tend to go through more wear and tear than owner-occupied properties. If you allow your rental to go through this wear and tear without preventative maintenance, you'll end up having to make costly repairs down the road.
Inspect your property regularly and tackle maintenance as needed. This will keep costs down, keep your tenants happy, and keep money flowing into your property for the long haul.
Property Management for Accidental Landlords
One of the best ways accidental landlords can stay on top of their landlord duties is to hire a property manager. Property management companies can take care of everything we've discussed here and more, leaving you to enjoy the perks of rental property ownership without any of the stress.
PMI Charlotte is one of North Carolina's top property management services. We can help you market vacancies, screen tenants, and even perform evictions when necessary. Contact us today to find out more about accidental landlord resources in Charlotte and how we can help you.
